2 min Demo: Flash Close in CCH Tagetik

Watch this quick video to learn how CCH Tagetik can help you getting ahead of your official monthly close process by approaching a flash close reporting cycle with the ability to close your books even before month end!

Transcript

A soft or flash close in CCH Tagetik refers to the ability of closing the books using an abbreviated closing procedure outside of the GL world.

With this functionality the finance department can issue financial statements very quickly and well before the actual close so that management can access the company well-being and take actions sooner rather than later.

Let's take a quick look.

Through a familiar to do list approach, entity owners have perfect visibility into all of the activities that they have to perform for their soft close.

First, it will be importing all of the data as is from their GL.

This however could be incomplete, think for instance about all of those external subsystems that would take days before they make the cut to the GL, such as depreciation or payroll data.

With CCH Tagetik finance departments will be able to tap into those data source systems, independently and without the need of IT, to simply just upload and select the information that they want to pull over from the subsystem through a very familiar drag and drop approach.

Also, through a set of specific rules, end users will be able to transform their intra month aggregated trial balance, into a very detailed pro-forma soft financial statement, where net sales revenue data has been probably broken out by product, employee expenses which were totally missing in the GL initial upload, have been imported by the source system at the most granular level of detail, and also overhead expenses have been allocated down at the department level for a management view, with the ability to always see all the details of the allocation entries.

Through this approach it will always be possible to compare the data coming from the actual close at the end of the month or at the end of the quarter with the soft closed data, in order to understand any difference or discrepancy between the two versions of the data and potentially also identify any constant bottleneck of our official monthly close process.